Raymond James Financial Inc. Makes New Investment in Novanta Inc. (NASDAQ:NOVT)

Raymond James Financial Inc. purchased a new position in Novanta Inc. (NASDAQ:NOVT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 51,717 shares of the technology company's stock, valued at approximately $7,901,000. Raymond James Financial Inc. owned 0.14% of Novanta as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Novanta by 2.0% in the 3rd quarter. State Street Corp now owns 1,298,419 shares of the technology company's stock worth $232,313,000 after purchasing an additional 24,929 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Novanta by 8.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 793,359 shares of the technology company's stock worth $119,757,000 after buying an additional 58,631 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Novanta by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 439,390 shares of the technology company's stock worth $78,616,000 after buying an additional 4,271 shares during the period. Loomis Sayles & Co. L P boosted its position in Novanta by 2.1% during the 3rd quarter. Loomis Sayles & Co. L P now owns 289,473 shares of the technology company's stock valued at $51,792,000 after acquiring an additional 6,019 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of Novanta by 61.6% during the 3rd quarter. Franklin Resources Inc. now owns 214,893 shares of the technology company's stock worth $37,916,000 after acquiring an additional 81,942 shares during the period. Institutional investors own 98.35% of the company's stock.

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Novanta Stock Down 1.2 %

Shares of NASDAQ:NOVT traded down $1.63 during midday trading on Wednesday, reaching $135.19. The company's stock had a trading volume of 176,459 shares, compared to its average volume of 166,998. The company has a quick ratio of 1.81, a current ratio of 2.79 and a debt-to-equity ratio of 0.61. The firm has a 50 day moving average of $143.90 and a 200-day moving average of $159.28. The firm has a market capitalization of $4.86 billion, a P/E ratio of 80.95 and a beta of 1.34. Novanta Inc. has a 12-month low of $131.03 and a 12-month high of $187.12.

Novanta (NASDAQ:NOVT - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The technology company reported $0.76 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.05. Novanta had a net margin of 6.52% and a return on equity of 15.20%. The business had revenue of $238.10 million for the quarter, compared to analysts' expectations of $240.29 million. During the same quarter in the prior year, the company earned $0.63 earnings per share. The business's revenue was up 12.5% compared to the same quarter last year. On average, research analysts anticipate that Novanta Inc. will post 3.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped their price target on Novanta from $169.00 to $160.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd.

Novanta Company Profile

Novanta, Inc engages in the provision of core technology solutions to healthcare and advanced industrial original equipment manufacturers. It operates through the following segments: Photonics, Vision, and Precision Motion. The Photonics segment designs, manufactures, and markets photonics-based solutions, including laser scanning and laser beam delivery, CO2 laser, continuous wave and ultrafast laser, and optical light engine products.